The global cognitive computing market revenue was around US$ 32.2 billion in 2022 and is estimated to reach US$ 373.4 billion by 2031, growing at a compound annual growth rate (CAGR) of 31.3% during the forecast period from 2023 to 2031.
Cognitive computing aids process volumes of complicated data, thereby inadvertently improving the enterprise's productivity levels. Cognitive computing is considered the next-generation system that converses in human language and assists experts in making more profitable decisions by understanding the complexity of big data. In the present scenario, most of the data obtained is unstructured such as videos, images, symbols, and natural language.
Market Driving Factors
Advancement in enabling technology drives market growth. The increasing trend of cutting-edge technologies such as the Internet of Things (IoT) and other technologies creates a positive impact on the market. Radical advancements in various industries, enabled through communication technologies, are the main elements that increase product demand. Therefore, cognitive computing solutions are acquiring significant adoption to raise the usage of information technology and control systems among various business operators.
The surge in the volume of large complicated data boosts market growth. This is because of the increase in the volume of digitalization. Nowadays, massive data present in business organizations is in the form of videos, human language, and pictures. Therefore, modern computing systems are essential for processing this huge data volume and increasing the demand for cognitive computing.
Lack of awareness and the high deployment costs of cognitive computing systems are anticipated to impede market growth.
Regional Analysis
North America dominated the market and continued its dominance over the projection period. This can be attributed to the rapid adoption of integrated cloud platforms and the emergence of new business models. Furthermore, robust government policies in Canada and the United States are likely to increase the significance of data security and surge the deployment of these systems across the region.
Asia Pacific dominates the market during the forecast period. This is because of the rapid usage of the internet in applications such as education, IoT, manufacturing, healthcare, cyber security, and power generation activities. In addition, enterprises in the region are predicted to finance more on machine learning and artificial intelligence techniques to improve staff productivity and speed up decision-making, which will enable enterprises to achieve productivity. These elements are expected to increase the demand for products in the region.
Segmentation Insights
Deployment Type Insight
The cloud segment dominated the market. The recent development of data storage facilities, such as the evolvement of customized cloud solutions, and integrated cloud storage facilities, such as public and private clouds, have boosted market expansion. Furthermore, the prevalence of an exponential amount of data has spurred organizations and enterprises to count on cloud solutions. Stakeholders may have numerous chances to lower the cost of cognitive computing with the deployment of cloud technologies.
The on-premise deployment segment dominates the market. On-premise resources are deployed within an enterprise’s in-house IT infrastructure by utilizing its own servers and internal firewall for delivering complete control over its integrations with exterior functionality. On-premise deployment needs an enterprise license agreement or a copy of the software key for utilizing the facility.
Industry Vertical Insight
The healthcare segment is expected to dominate the market. Cognitive solutions enable medical practitioners to focus on patient treatment by decreasing the requisite paperwork. Cognitive computing systems will continue to obtain impetus to increase human diagnosis and foster decision-making with a human touch. In addition, the system is expected to continue being of great assistance in providing treatment recommendations that are based on a comprehensive analysis and compilation of data from medical publications, medical reports, and diagnostic tools.
Prominent Companies
Segmentation Outline
The global cognitive computing market segmentation focuses on Deployment Type, Technology, Enterprise Size, Industry Vertical, and Region.
By Deployment Type
By Technology
By Enterprise Size
By Industry Vertical
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL COGNITIVE COMPUTING MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: COGNITIVE COMPUTING MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL COGNITIVE COMPUTING MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL COGNITIVE COMPUTING MARKET, BY DEPLOYMENT TYPE
5.1 OVERVIEW
5.2 ON-PREMISE
5.3 CLOUD
6 GLOBAL COGNITIVE COMPUTING MARKET, BY TECHNOLOGY
6.1 OVERVIEW
6.2 NATURAL LANGUAGE PROCESSING (NLP)
6.3 MACHINE LEARNING
6.4 AUTOMATED REASONING
6.5 OTHERS
7 GLOBAL COGNITIVE COMPUTING MARKET, BY ENTERPRISE SIZE
7.1 OVERVIEW
7.2 LARGE ENTERPRISES
7.3 SMALL AND MEDIUM-SIZED ENTERPRISES
8 GLOBAL COGNITIVE COMPUTING MARKET, BY INDUSTRY VERTICAL
8.1 OVERVIEW
8.2 HEALTHCARE
8.3 BFSI
8.4 RETAIL AND E-COMMERCE
8.5 GOVERNMENT AND DEFENSE
8.6 IT AND TELECOM
8.7 ENERGY AND POWER
8.8 OTHERS
9 GLOBAL COGNITIVE COMPUTING MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL COGNITIVE COMPUTING MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 SAS INSTITUTE INC
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 HEWLETT PACKARD ENTERPRISE DEVELOPMENT LP
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 ORACLE CORPORATION
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 TATA CONSULTANCY SERVICES LIMITED
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 SAP SE
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 IBM CORPORATION
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 GOOGLE LLC
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8. 3M
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 MICROSOFT CORPORATION
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 TIBCO SOFTWARE INC
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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